Tuesday 11 January 2011

Kuwait's IIG may sell, break up or seek investor - The National

International Investment Group (IIG), a troubled Kuwaiti financial concern, announced it was considering selling assets, finding a new investor or breaking up the company after defaulting last year on a US$200 million (Dh734.6m) Islamic bond.

IIG is the third major investment company in Kuwait to default on debt - the others being The Investment Dar in 2009 and Global Investment House (GIH) in 2008. Kuwait's finance companies were some of the hardest-hit in the region by the global financial crisis as share prices plummeted and banks became reluctant to refinance borrowings.

IIG hired the consultancy KPMG to come up with restructuring options after the default last April. In a disclosure posted on the NASDAQ Dubai website yesterday, KPMG said it recommended a range of options for IIG's restructuring that included doing nothing, selling assets, finding new investors or breaking up the company.

No comments:

Post a Comment